相关报告：智研咨询发布的《2025-2031年中国焊接钢管行业发展模式分析及未来前景展望报告》 根据国家统计局数据显示：2025年8月中国焊接钢管产量为509万吨，同比增长4.7%；2025年1-8月中国 焊接钢管累计产量为3990.9万吨，累计增长3.4%。 上市企业：宝钢股份（600019）,新兴铸管（000778）,常宝股份（002478）,久立特材（002318）,鸿路钢 构（002541）,友发集团（601686）,中信特钢（000708）,金洲管道（002443）,玉龙股份（601028） 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年1-8月中国焊接钢管产量统计图 ...

据商务部市场运行监测系统显示，9月22日至28日，全国生产资料市场价格与前一周（环比，下同）基 本持平。 基础化学原料价格小幅下降，其中硫酸、聚丙烯、甲醇分别下降3.8%、1.3%和0.5%，纯碱与前一周基 本持平。 成品油批发价格保持稳定，其中0号柴油、92号汽油、95号汽油均与前一周基本持平。 橡胶价格略有上涨，其中天然橡胶、合成橡胶均上涨0.1%。 煤炭价格稳中有涨，其中动力煤每吨759元，与前一周基本持平，炼焦煤、无烟块煤每吨1021元和1142 元，分别上涨2.1%和0.5%。 有色金属价格以涨为主，其中铜上涨1.7%，锌、铝分别下降0.6%和0.1%。 化肥价格略有下降，其中尿素下降0.6%，三元复合肥与前一周基本持平。 钢材价格基本持平，其中槽钢、热轧带钢每吨3639元和3574元分别下降0.5%和0.4%，高速线材、焊接 钢管每吨3567元和3793元，与前一周基本持平，螺纹钢每吨3391元，上涨0.2%。 ...

2020-2025年1-5月中国焊接钢管产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：宝钢股份（600019）,新兴铸管（000778）,常宝股份（002478）,久立特材（002318）,鸿路钢 构（002541）,友发集团（601686）,中信特钢（000708）,金洲管道（002443）,玉龙股份（601028） 相关报告：智研咨询发布的《2025-2031年中国焊接钢管行业发展模式分析及未来前景展望报告》 根据国家统计局数据显示：2025年5月中国焊接钢管产量为546万吨，同比下降1.4%；2025年1-5月中国 焊接钢管累计产量为2392.2万吨，累计增长4.2%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Agricultural Products Market - The national market prices for edible agricultural products remained stable from September 8 to 14, with a slight decrease in production material prices by 0.2% compared to the previous week [1] - Average wholesale prices for six types of fruits saw a minor decline, with grapes, citrus, and apples decreasing by 3.1%, 2.1%, and 0.6% respectively [1] - The average wholesale price for 30 types of vegetables was 4.75 yuan per kilogram, down by 0.2%, with cucumber, broccoli, and cauliflower decreasing by 8.7%, 4.4%, and 4.4% respectively [1] - Wholesale prices for aquatic products showed a slight decline, with crucian carp, carp, and grass carp decreasing by 1.3%, 1.2%, and 0.5% respectively [1] - Meat wholesale prices experienced minor fluctuations, with pork priced at 19.97 yuan per kilogram, down by 0.6%, while lamb and beef increased by 0.3% and 0.2% respectively [1] - Grain and oil wholesale prices showed slight fluctuations, with rice and rapeseed oil decreasing by 0.2% and 0.1%, while soybean oil and peanut oil increased by 0.2% and 0.1% respectively [1] - Poultry product wholesale prices saw a slight increase, with eggs and broilers rising by 3.3% and 0.1% respectively [1] Production Materials Market - The prices of basic chemical raw materials predominantly decreased, with sulfuric acid, soda ash, and polypropylene declining by 1.6%, 0.6%, and 0.1% respectively, while methanol increased by 0.5% [2] - Coal prices showed a stable decline, with coking coal and thermal coal priced at 1001 yuan and 756 yuan per ton, decreasing by 1.2% and 0.5% respectively, while smokeless block coal remained unchanged at 1136 yuan per ton [2] - Fertilizer prices continued to decline, with urea and compound fertilizer decreasing by 0.5% and 0.3% respectively [2] - Finished oil wholesale prices experienced a slight decrease, with 92-octane gasoline, 0-octane diesel, and 95-octane gasoline dropping by 0.2%, 0.2%, and 0.1% respectively [2] - Rubber prices saw a slight retreat, with synthetic rubber and natural rubber decreasing by 0.3% and 0.1% respectively [2] - Steel prices remained stable, with high-speed wire, rebar, and welded steel pipes priced at 3547 yuan, 3366 yuan, and 3795 yuan per ton, all decreasing by 0.1%, while ordinary medium plates, hot-rolled strips, and channel steel increased by 0.1% [2] - Prices of non-ferrous metals showed a slight increase, with aluminum and zinc rising by 0.8% and 0.6%, while copper prices remained unchanged [2]

Group 1 - The national production material market prices increased by 0.3% month-on-month in August [1] - Coal prices rose by 1.6% month-on-month but decreased by 10.3% year-on-year, with coking coal, thermal coal, and No. 2 smokeless block coal increasing by 5.1%, 1.1%, and 0.5% respectively [2] - Steel prices increased by 1.2% month-on-month and decreased by 3.3% year-on-year, with channel steel, ordinary medium plates, and welded steel pipes rising by 2.5%, 2.1%, and 1.9% respectively [2] Group 2 - Non-ferrous metal prices decreased by 0.3% month-on-month and increased by 6.8% year-on-year, with copper and aluminum prices falling by 0.5% and 0.2%, while zinc prices rose by 0.1% [2] - Fertilizer prices fell by 0.8% month-on-month and decreased by 9.8% year-on-year, with urea prices dropping by 0.9% and compound fertilizer prices increasing by 0.2% [3] - Refined oil prices decreased by 1.3% month-on-month and fell by 7.2% year-on-year, with prices for 0 diesel, 95 gasoline, and 92 gasoline declining by 1.4%, 1.1%, and 1.0% respectively [3]

Core Viewpoint - The company has demonstrated strong performance in the first half of 2025, achieving significant growth in net profit and solidifying its position as an industry leader despite a complex global economic environment [1] Financial Performance - In the first half of 2025, the company reported operating revenue of 24.888 billion yuan, maintaining a leading position in the industry despite slight adjustments due to raw material price fluctuations [2] - The total profit reached 362 million yuan, a year-on-year increase of 80.06%, while net profit attributable to shareholders was 287 million yuan, reflecting a substantial year-on-year growth of 160.36% [2] - The net profit after deducting non-recurring gains and losses was 264 million yuan, with an impressive growth rate of 211.51%, indicating a significant improvement in profit quality [2] - Basic earnings per share increased to 0.21 yuan, a year-on-year rise of 162.50%, showcasing enhanced financial strength [2] - As of the end of June, total assets amounted to 24.630 billion yuan, with net assets of 6.634 billion yuan and cash reserves of 11.193 billion yuan, providing a solid foundation for future development [2] - The company sold 6.5477 million tons of various steel pipes, marking a year-on-year growth of 4.18%, further solidifying its market share [2] Strategic Development - The company has established eight major production bases across various regions and owns 14 specialized subsidiaries with 346 production lines, capable of producing nearly 5,000 product specifications, thus forming a scale and regional production advantage [3] - New production bases in Chengdu, Sichuan, and Yanzhou, Henan are under construction, and the company successfully acquired 70.96% of Jilin Huaming Pipe Industry Co., enhancing its market presence in Northeast China [3] - A partnership with Hebei Haiqianwei Steel Pipe Co., Ltd. was signed to introduce JCOE technology for oil and gas transmission welded steel pipes, marking the company's entry into the high-value-added product category [3] - The product matrix includes various types of pipes catering to multiple sectors, and the recognition of the company's brands continues to rise, contributing to an increase in high-value product ratios [3] Innovation and Competitive Advantage - The company invested 61.2268 million yuan in R&D in the first half of 2025, a year-on-year increase of 30.03%, emphasizing its commitment to technological and product innovation [4] - As of the end of June, the company holds 217 technology patents, including 40 invention patents, and has established several high-tech enterprises and recognized laboratories, demonstrating its technical strength [4] - The company has maintained its position as the top producer of welded steel pipes in China for 19 consecutive years and has been recognized as a champion enterprise in the welding steel pipe manufacturing industry [4] - The company is actively pursuing a global strategy, establishing a wholly-owned subsidiary for international operations and focusing on emerging markets in Southeast Asia, the Middle East, and Central Asia to explore new growth opportunities [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - "Anti - involution" related convertible bonds are cost - effective absolute - return assets. The position and bond selection of "anti - involution" sector convertible bonds are the "decisive factors" for the future market due to three reasons: large capital capacity, high cost - performance of underlying stocks, and low bond prices with debt - bottom value support [1][9]. - Five convertible bonds are recommended: Youfa Convertible Bond, Wankai Convertible Bond, Keshun Convertible Bond, Feng 22 Convertible Bond, and Tian 23 Convertible Bond [3][11]. 3. Summary According to the Directory 3.1 Overall Logic and Layout Ideas - **Large capital capacity**: "Anti - involution" sector has a large number of convertible bonds. Industries such as power equipment and basic chemicals have many convertible bonds in existence. If "anti - involution" progresses beyond expectations, it may drive up the underlying stocks and the convertible bond index [1][9]. - **High cost - performance of underlying stocks**: Some industries' underlying stocks, like those in steel, basic chemicals, and power equipment, are under pressure. But "anti - involution" may improve supply - demand, and the leading enterprises may have stronger profit elasticity after industry clearance. Also, the stock prices are low, so there is potential for valuation repair [2][10]. - **Low bond prices with debt - bottom value support**: Most "anti - involution" related convertible bonds have conversion values below 120 yuan, and many are in the 60 - 90 yuan and 90 - 120 yuan ranges. Debt - type/balanced convertible bonds have better debt - bottom protection, suitable for absolute - return funds [2][10]. 3.2 Individual Bond Selection 3.2.1 Youfa Group/Youfa Convertible Bond - Youfa Group is the largest domestic welded - steel pipe enterprise. In 2025, the welded - pipe price declined. With the improvement of downstream demand and the new supply - side reform in the steel industry, the company plans to expand its domestic and overseas layouts [14][15]. 3.2.2 Wankai New Materials/Wankai Convertible Bond - Wankai New Materials is a leading domestic polyester material enterprise. In 2024, the domestic polyester bottle - chip market had increased production but decreased prices. New applications may bring new demand. Many enterprises in the industry are reducing production, which may optimize the supply - demand pattern and increase the company's profitability [20][23]. 3.2.3 Keshun Co., Ltd./Keshun Convertible Bond - Keshun focuses on building waterproofing solutions. The domestic waterproofing industry is highly fragmented, but the new regulations may benefit leading enterprises. Keshun will expand its retail, non - real - estate, and overseas businesses, and improve profitability through R & D and cost reduction [26][31]. 3.2.4 Xin Fengming/Feng 22 Convertible Bond - Xin Fengming is a major player in the polyester fiber industry. The upstream raw material supply is abundant, which is beneficial for the polyester end. Due to environmental policies and industry integration, some small enterprises are being eliminated, and the industry structure is being optimized [32][33]. 3.2.5 Trina Solar/Tian 23 Convertible Bond - Trina Solar is involved in photovoltaic products, energy storage, and system solutions. The Chinese photovoltaic industry faces challenges, but the "anti - involution" action and policy support may bring price recovery, technology premium, and industry integration, and improve the company's profitability and stock valuation [38][39].

Group 1 - The stock price of Youfa Group closed at 6.09 yuan on August 22, 2025, down by 0.02 yuan, a decrease of 0.33% from the previous trading day [1] - The company has an annual production capacity of over 20 million tons of welded steel pipes and has achieved a net sales volume exceeding 13 million tons, maintaining the largest production and sales scale in the country for 19 consecutive years [1] - On August 21, Youfa Group hosted a research meeting with several institutions, including Huaxi Securities and Great Wall Fund, where the company discussed its operating performance, product composition, and future development strategy [1] Group 2 - On August 22, the net inflow of main funds into Youfa Group was 1.9766 million yuan, while the net outflow over the past five days was 132,400 yuan [1] - The company operates within the steel industry and is part of the Tianjin sector [1]

Core Viewpoint - Huajin International Holdings (02738.HK) anticipates a significant decline in revenue and a shift from profit to loss for the six months ending June 30, 2025, primarily due to weak market demand and increased competition [1][3]. Revenue and Profit Summary - The company expects revenue to be between approximately RMB 720 million and RMB 780 million, representing a decrease of about RMB 24.265 billion to RMB 24.865 billion compared to the previous period, a decline of approximately 75.7% to 77.5% [1]. - The expected loss attributable to shareholders is between RMB 490 million and RMB 530 million, contrasting with a profit of approximately RMB 16.9 million in the previous period [1]. Reasons for Revenue Decline - Weak market demand and intensified competition have led to a dual pressure on both domestic and international demand, resulting in insufficient order growth and price competition among industry players [3]. - The impact of trade environment and tariff policies has caused a significant drop in sales volume and average selling prices for downstream customers, further exacerbated by order cancellations from long-term clients [3]. - Rising raw material costs, particularly for hot-rolled steel coils, have not been matched by timely price adjustments for the company's products, leading to increased production costs [3]. - Low capacity utilization has resulted in higher unit processing costs due to fixed manufacturing expenses being spread over a significantly reduced production volume [3]. Company Overview - Huajin International Holdings is a cold-rolled carbon steel processing company located in Jiangmen City, Guangdong Province, China, primarily engaged in processing hot-rolled steel coils into customized cold-rolled steel strips, plates, welded steel pipes, and galvanized steel products [4][5]. - The company serves a wide range of industries, including light industry hardware, home appliances, furniture, motorcycle/bicycle parts, and LED lighting, providing customized processing, cutting, storage, and distribution services for cold-rolled and galvanized steel products [5].

Group 1 - The core viewpoint of the article highlights the growth potential of China's welded steel pipe industry, with a projected production increase of 8.4% year-on-year by June 2025 [1] - According to the National Bureau of Statistics, the cumulative production of welded steel pipes in China reached 29.708 million tons in the first half of 2025, reflecting a growth of 4.4% [1] - The report by Zhiyan Consulting provides an analysis of the development model and future prospects of the welded steel pipe industry in China from 2025 to 2031 [1] Group 2 - Listed companies in the welded steel pipe sector include Baosteel Co., Ltd. (600019), Xinxing Ductile Iron Pipes (000778), Changbao Steel (002478), Jiuli Special Materials (002318), Honglu Steel Structure (002541), Youfa Group (601686), CITIC Special Steel (000708), Jinzhu Pipeline (002443), and Yulong Co., Ltd. (601028) [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports and providing comprehensive industrial solutions [2] - Data sources for the report include the National Bureau of Statistics and Zhiyan Consulting [3]